New automobile gross sales within the Philippines declined by 12% to 26,230 items in February 2021 items from 29,790 items in the identical month final 12 months, in response to member wholesale knowledge launched collectively by the Chamber of Automotive Producers of the Philippines Inc (CAMPI) and the Truck Producers Affiliation (TMA).
The Philippines was one of many economies in Asia worst hit by the COVID-19 pandemic final 12 months, with GDP shrinking by 9.5% on account of extended lockdowns throughout the nation which held again non-public consumption and funding, whereas exports plunged as a result of weak abroad demand. Car gross sales plunged by 39.5% to 223,793 items in 2020 from 369,941 items in 2019, based mostly on knowledge provided by the 2 associations.
Within the first two months of 2021, automobile gross sales fell by 7.3% to 49,610 items from 53,513 items a 12 months earlier, with passenger automobile gross sales declining by 3.8% to fifteen,194 items whereas business automobile gross sales had been down by 11.5% at 34,416 items.
CAMPI president Rommel Gutierrez mentioned, whereas the automobile market has begun to stabilise this 12 months, he was cautious that the imposition of momentary duties on imported automobiles may sluggish the market’s restoration.
Originally of February, the federal government imposed ‘safeguard duties’ of as much as PHP110,000 (US$2,260) on imported passenger and light-weight business automobiles for a interval of over six months to assist defend the native automotive business. Gutierrez identified even the biggest home automobile producers rely totally on imports for his or her native gross sales.
The share of imports has elevated steadily during the last 15 years following the implementation of the ASEAN Free Commerce Settlement with shipments of assembled automobiles from Thailand and Indonesia rising notably sharply.
Gross sales of imported automobiles, together with these imported by CAMPI members, now account for round 70% of whole automobile gross sales within the nation in contrast with 40% in 2006 with manufacturers reminiscent of Ford and Nissan having switched fully to imports.
